Bayer (BAYN) Q3 2026 (Media) earnings summary

Executive summary

• 9M organic sales grew 3% and adjusted EBITDA rose 7%; Q3 sales increased 4.1% reported and 1.9% Fx & portfolio adj. to €10.053bn, with EBITDA before special items up 6.9% to €1.615bn.

• Pharma led growth, while Crop Science and Consumer Health faced market and earnings pressure; full-year EBITDA, free cash flow, net debt and Pharma margin outlooks improved.

• 9M free cash flow was negative €3.0bn, including €3.7bn in litigation-related payments; net financial debt was €31.083bn at September 30.

Financial highlights

• Q3 sales were €10.053bn, up 4.1% reported and 1.9% Fx & portfolio adj.; EBITDA before special items rose 6.9% to €1.615bn.

• 9M sales were €34.330bn and EBITDA before special items €8.212bn, up 2.9% Fx & portfolio adj. and 6.6% reported, respectively.

• 9M core EPS was €3.97; Q3 core EPS fell to €0.31 from €0.49, partly reflecting non-cash interest-rate-related charges.

• Q3 free cash flow was negative €293m; 9M free cash flow was negative €3.0bn, including €3.7bn of litigation-related payments.

Outlook and guidance

• FY Group EBITDA before special items guidance increased to €9.8bn–€10.3bn at constant currencies, from €9.6bn–€10.1bn; Core EPS guidance was reiterated.

• FY free cash flow guidance improved by €1bn to negative €1.5bn–negative €0.5bn; year-end net debt guidance fell to €28bn–€29bn from €29bn–€30bn.

• Pharma FY EBITDA margin guidance rose to 25%–27%; sales growth is expected toward the upper end of its outlook.

• Crop Science remained on track within FY guidance; Consumer Health expected growth in the lower half of its range.